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September 19, 2018

International Money Transfer Conference comes to the Philippines in 2018

The international money transfer community is coming together for the largest remittances and cross-border transfers conference in Asia, and Remitly is on the scene.

The International Money Transfer & Cross-Border Payment Conferences have created an expansive three-day event to unite International Money Transfer and Cross-Border Payments institutions, banks and other financial and technology service providers. The IMTC Asia conference this year is held in the Philippines.

IMTC Asia 2018

The conference this year is at the Crowne Plaza Galleria in Ortigas from September 19th through the 21st and will offer an inside look at the finances in the Philippines, which is one of the biggest markets for remittances in the global economy. This conference is an opportunity for financial institutions and other financial service providers to network with the local financial community.

Remitly is here to better understand and connect with the Filipino community. Some of the local Filipino financial institutions that will be in attendance include Bangko Sentral, Bankers Association Of The Philippines (BAP), The Association Of Bank Remittance Officers, Inc. (ABROI), POEA, OWWA, Fintech Alliance Philippines, Rural Bankers Association Of The Philippines, Union Bank Of The Philippines, Philippine Payments Management Inc. (PPMI), and The Association Of Philippine Private Remittance Service Companies, Inc. (APPRISE).

On the first day of the conference, attendees choose between taking a Money Transfer Compliance Course or attending the Remittance Innovation Forum on the Blockchain Series. These two courses are both taught by top professionals in the remittance industry and should help deepen the knowledge and understanding of how to conduct business in the international money transfer community.

The second and third days of the conference are devoted to panels and roundtables with discussions of serious remittance topics such as the current state of the industry, the role that banking institutions play in the Filipino remittance market, the challenges with banking access in the Philippines, the way Blockchain is changing how financial institutions exchange information, remittances regulations, how to take care of migrants while taking care of overseas workers, and many more.

When is 2018 IMTC Asia?

Where is 2018 IMTC Asia?

Remittances in Asia and the Philippines

The Philippines is one of the top-receiving countries of remittances in the entire world, third only to China and India. In 2017, the Philippines received $33 billion USD in remittances across borders, providing a critical source of financial support to the Filipino economy according to the Philippine Statistics Authority.

The top sources of remittances come from the United States and the Americas, followed by the Middle East, where many overseas foreign workers send their earnings back to help support their relatives. Another major source of remittances come from overseas foreign workers in other Asian countries, often employed as domestic helpers in households.

Money sent to the Philippines from overseas foreign workers account for about 10 percent of the country’s gross domestic product, making remittances one of the largest financial “exports” for the country.